Retail boom for Victoria with new hardware chain
|
15 September 2009
|
 |
Victorian Premier John Brumby with Minister for Industry and Trade Martin Pakula and Michael Luscombe, Woolworths Ltd Managing Director and CEO at the Woolworths Coolaroo site
|
Victoria has secured the first chain of home improvement stores in a joint venture by Woolworths and leading US home improvement retailer Lowe’s, creating 15,000 jobs in Victoria over the next five years and building competition in the hardware sector.
|
In a $400 million investment, Woolworths will open a network of 30 stores across Victoria, with the first one to open in Cooloroo, north of Melbourne, in 2011.
Woolworths Chief Executive Officer, Michael Luscombe, said Victoria is an important market with excellent growth potential.
“Our commitment to invest a further $400 million in Victoria over the next few years truly underscores our confidence in the State’s economic outlook. We are very excited about this opportunity not only to deliver real benefit to consumers, but also to contribute to the longer term prosperity of Victorian families,” he said.
Victoria continues to be an attractive destination for retail investment with $1.8 billion of investment recorded over the past twelve months.
Joining Woolworths and Victorian Industry and Trade Minister Martin Pakula at the site of the first store, in Coolaroo, the Victorian Premier John Brumby welcomed Woolworths to the hardware sector.
“Woolworths’ decision to base their home improvement stores in Victoria underlines the confidence the company has in our state, our workforce and our economy,” he said.
“Woolworths’ $400 million investment is expected to generate 4,000 direct retail jobs over the next five years and during construction of the planned 30 stores statewide is expected to create 11,000 Victorian jobs,” Mr Brumby said.
Mr Brumby said Victoria had a resilient, growing economy, competitive taxes, a well trained workforce and a government that works in partnership with the business sector to bring jobs to the state despite the impact of the global financial crisis.
Mr Pakula said Woolworths’ decision to base their new chain of stores in Victoria was further endorsement of the strength of Victoria’s retail sector.
“Woolworths’ $400 million investment is great news for an industry where Victorian is already leading the way,” Mr Pakula said.
“Victoria’s retail industry employs well over 250,000 people and is growing faster here than in any other state.”
Mr Pakula said the arrival of Woolworths’ first store will further strengthen Melbourne’s reputation as the shopping capital of Australia.
The Government is working with Woolworths to facilitate and assess sites for the remaining stores in Victoria. |
